RenaissanceRe (NYSE:RNR) Sets New 52-Week High – Time to Buy?

RenaissanceRe Holdings Ltd. (NYSE:RNR)’s share price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $318.28 and last traded at $319.3040, with a volume of 213978 shares. The stock had previously closed at $307.14.

Wall Street Analyst Weigh In

RNR has been the topic of a number of recent analyst reports. Evercore set a $309.00 price target on shares of RenaissanceRe in a report on Thursday, April 9th. Wells Fargo & Company boosted their price objective on shares of RenaissanceRe from $305.00 to $306.00 and gave the stock an “equal weight” rating in a report on Thursday, April 30th. Bank of America lowered their price objective on RenaissanceRe to $426.00 and set a “buy” rating on the stock in a research report on Tuesday, April 14th. Cantor Fitzgerald upgraded RenaissanceRe from a “neutral” rating to an “overweight” rating and increased their target price for the company from $306.00 to $340.00 in a research note on Thursday, April 9th. Finally, Weiss Ratings raised RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $323.64.

RenaissanceRe Price Performance

The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.37. The firm has a market cap of $13.61 billion, a P/E ratio of 5.32, a PEG ratio of 1.20 and a beta of 0.18. The stock’s 50-day simple moving average is $298.90 and its two-hundred day simple moving average is $292.23.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share (EPS) for the quarter. The business had revenue of $2.19 billion during the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. Equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 40.05 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Monday, June 15th. RenaissanceRe’s dividend payout ratio (DPR) is 2.73%.

Institutional Trading of RenaissanceRe

Large investors have recently made changes to their positions in the stock. Lightrock Netherlands B.V. lifted its holdings in RenaissanceRe by 4,690.1% during the 4th quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock valued at $286,083,000 after buying an additional 996,266 shares in the last quarter. Orbis Allan Gray Ltd bought a new position in RenaissanceRe in the 4th quarter worth about $178,519,000. Norges Bank bought a new position in RenaissanceRe in the 4th quarter worth about $168,582,000. Egerton Capital UK LLP purchased a new position in shares of RenaissanceRe during the fourth quarter worth approximately $137,944,000. Finally, GQG Partners LLC bought a new stake in shares of RenaissanceRe during the fourth quarter valued at approximately $108,780,000. 99.97% of the stock is owned by hedge funds and other institutional investors.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.